U.S. Equities Realty has completed the purchase of the property at 65 E. Wacker Place, a 1920s office building, for Wilton U.S. Commercial Inc., a Delaware-based REIT.
In addition to U.S. Equities Realty, Wilton U.S. Commercial was advised by a subsidiary of Wilton Capital Real Estate, and Finnegan Menton Real Estate, both of Ireland. 65 E. Wacker Place is the first purchase for the REIT, culminating a 2.5 year search for a value-added property in the Chicago area by the group of Irish investors.
Built in 1928, 65 E. Wacker Place is a 24-story, 220,000-square-foot office building with views of the Chicago River to the north. The building is currently nearly 90 percent leased. It attracts tenants ranging from small business to law firms and non-profit organizations. Morton Steakhouse currently occupies the first two floors.
U.S. Equities Realty, Finnegan Menton and Wilton Capital Real Estate represented Wilton U.S. Commercial in the purchase. U.S. Equities Asset Management, LLC will be the exclusive management, marketing and leasing agent for the boutique building. John Gavin and Dirk Riekse, Grub & Ellis represented the seller. The property was purchased all cash, with intent to finance in the first quarter.
